Accounting Entries for Government Revenue and Disbursement Authority

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What accounting entry is used to recognize the constructive remittance to BIR and BOC of taxes and customs’ duties withheld?

Tax Remittance Advice

Which type of cash advance is specifically granted for official travels?

Advances to Officers and Employees

In the context provided, what document is issued upon receipt of cash subsidy/ assistance?

Receipt of Subsidy

Which accounting entry is used to recognize the constructive receipt of tax revenue and customs duties in the books of BIR and BOC?

Tax Remittance Advice

What type of cash advance is granted for special purpose/time-bound undertakings?

Advances to Special Disbursing Officer

Which category of cash advances is granted for operating expenses of operating/field units and foreign posts not maintaining a complete set of books?

Advances for Operating Expenses

What happens if conditions are attached to a grant?

A liability is recognized

In case of a foreign grant for a construction project, when is revenue recognized by the NG?

When the project is completed

What account is credited when recording the receipt of a subsidy in cash?

Cash - Treasury/Agency Deposit, Trust

How does the NG handle the receipt of a performance bond/security deposit?

Recognize it as a liability

What account is debited when remitting funds to the Bureau of Treasury through a bank?

Cash in Bank, LCCA

If an excess cash advance needs to be refunded, what action should be taken by the entity?

Refund the excess amount to the payer

Which type of receipt is intended to guarantee the full and faithful performance of a contract?

Performance bond/security deposits

What type of receipt involves the return of excess funds from officers, employees, or creditors?

Refund of overpayment of expenses

Cash received from a central office for implementing specific projects falls under which category of receipts?

Intra-agency and inter-agency fund transfers

Which type of receipt involves remitting income or trust funds to other government agencies or private organizations?

Collections made on behalf of another entity or nongovernment/private organizations

What type of receipt is in the form of cash or certified checks to ensure contractual obligations are met?

Performance bond/security deposits

Learn how to recognize receipt of NCAA, collection of revenue, and disbursement authority for Foreign Service Posts in government accounting. Understand the use of Tax Remittance Advice (TRA) to recognize remittance to tax authorities and customs duties withheld.

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